Phishing is a primary method for cyber criminals to gain access to email accounts and systems using deception rather than defeating security protections. In most cases, the objective is to capture user credentials without the victim knowing. Cyber criminals have found it is generally easier to deceive a victim into clicking rather than breaking through technology defenses. Make sure you are properly covered with comprehensive Cyber Risk Insurance.
While data breach continues to be the primary concerns of SMBs, a recent survey confirms that risks are shifting to Social Engineering Fraud (SEF) and Ransomware, and that more SMBs are buying comprehensive Cyber Risk Insurance
Social Engineering Fraud (SEF) is a cyber attack involving communication, typically via email, intended to deceive a victim into sending money to the criminal. It is also called BEC (business email compromise), wire transfer fraud and email piracy. Many Cyber Risk Insurance policies do not cover SEF, but a few comprehensive policies include coverage.
AI (“artificial intelligence”) is a hot topic for many service businesses, and it is beginning to impact the insurance industry. How is it being used? What will the impact be? And how will it impact specialty lines? A series of articles provides some thoughts, if not insights.
Criminals are hacking payroll payment processing systems to divert payments – and the right comprehensive Cyber Risk Insurance policy is essential to ensure financial protection. Payroll processing is a primary target for cyber criminals because payroll systems are so widespread, and sometimes security is not so strong. With access into a payroll processing system, cyber criminals can divert payments to another (their own) bank account.